Essential Auction News
As we are now at the end of the first quarter of 2024, we are starting to see a change coming through. March has traditionally been a busy month for auctions, with vendors trying to get sales across the line before the end of the financial year, but at first glance, it would appear that this was not the case this time around. However, as March 2023 saw unprecedented inflation in nearly every metric due to changes in the wider economic environment, it is prudent to also look further back and compare to March 2022, where the national number of lots sold remains strong with an increase of 13.7%.
Reviewing the quarterly figures, the overall market has been bolstered by the buoyant start to the year, seeing overall growth of 9.6% in lots sold, and 11% for the residential sector. The commercial arena in early 2023 saw a boom in portfolio sales which bolstered the number of sales achieved, however it since has become subdued due to investors now holding onto well-performing tenanted properties unless there is a need to sell. For the stock that does come to market, success rates remain consistent, showing there is continued interest in the market and opportunities to be had for the right properties and individuals.
Overall, the regions performed well during the first quarter, with only minor fluctuations in the metrics overall. The North East and East Midlands, prime locations for auction stock, continue to outperform other regions in terms of growth in sold lots. Scotland and Northern Ireland have experienced more of a struggle for stock volume and success rates, so it is worth keeping a close eye on how the regions react going into Q2.
With the ongoing uncertainty over inflation and interest rates, the auction market appears to be taking the opportunity to breathe and settle into what is likely to be a new normal over the coming months. Ensure you are subscribed to our newsletters to stay up to date with the latest news and figures.
Please note the newsletter can also be viewed online. Kind regards David Sandeman
davids@eigroup.co.uk P.S. Here at the Essential Information Group we maintain a database of virtually every property coming up for sale at auction as well as almost 900,000 lots that have been to auction in the past. It is fully searchable and allows you to identify properties coming up for sale that you might be interested in, and to see what similar properties have sold for in the past. If you would like a trial of our website, please register here. |
|
Overall Statistics March 2024 |
| Total Lots Offered |
3,345 |
| Total Lots Sold |
2,419 |
| Percent Sold |
72.3% |
| Total Realised |
£472,741,700 |
|
|
National Auction Analysis
OverallN.B. Figures in brackets denote the comparative period last year
|
March 2024 |
January 2024 to March 2024 |
April 2023 to March 2024 |
| Lots Offered |
3,345 (3,684) |
▼ 9.2% |
9,101 (8,422) |
▲ 8.1% |
36,688 (33,096) |
▲ 10.9% |
| Lots Sold |
2,419 (2,613) |
▼ 7.4% |
6,632 (6,052) |
▲ 9.6% |
25,867 (23,579) |
▲ 9.7% |
| Percent Sold |
72.3% (70.9%) |
▲ 2.0% |
72.9% (71.9%) |
▲ 1.4% |
70.5% (71.2%) |
▼ 1.0% |
| Total Raised |
£472.7M (£518.9M) |
▼ 8.9% |
£1,257.3M (£1,132.0M) |
▲ 11.1% |
£4,917.4M (£4,848.5M) |
▲ 1.4% |
ResidentialN.B. Figures in brackets denote the comparative period last year
|
March 2024 |
January 2024 to March 2024 |
April 2023 to March 2024 |
| Lots Offered |
2,938 (3,200) |
▼ 8.2% |
8,101 (7,414) |
▲ 9.3% |
32,235 (28,685) |
▲ 12.4% |
| Lots Sold |
2,131 (2,278) |
▼ 6.5% |
5,926 (5,338) |
▲ 11.0% |
22,756 (20,516) |
▲ 10.9% |
| Percent Sold |
72.5% (71.2%) |
▲ 1.8% |
73.2% (72.0%) |
▲ 1.7% |
70.6% (71.5%) |
▼ 1.3% |
| Total Raised |
£362.3M (£398.5M) |
▼ 9.1% |
£990.5M (£882.0M) |
▲ 12.3% |
£3,846.9M (£3,674.2M) |
▲ 4.7% |
CommercialN.B. Figures in brackets denote the comparative period last year
|
March 2024 |
January 2024 to March 2024 |
April 2023 to March 2024 |
| Lots Offered |
407 (484) |
▼ 15.9% |
1,000 (1,008) |
▼ 0.8% |
4,453 (4,411) |
▲ 1.0% |
| Lots Sold |
288 (335) |
▼ 14.0% |
706 (714) |
▼ 1.1% |
3,111 (3,063) |
▲ 1.6% |
| Percent Sold |
70.8% (69.2%) |
▲ 2.3% |
70.6% (70.8%) |
▼ 0.3% |
69.9% (69.4%) |
▲ 0.7% |
| Total Raised |
£110.5M (£120.3M) |
▼ 8.2% |
£266.8M (£250.0M) |
▲ 6.7% |
£1,070.5M (£1,174.3M) |
▼ 8.8% |
Regional Auction Analysis
As is usually the case, variations across all the measurable parameters can be seen across the regions.
N.B. Figures in brackets denote the comparative period last year
 East Anglia
(Includes Cambridgeshire, Norfolk, Suffolk)
| January 2024 to March 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
422 (408) |
▲ 3.4% |
374 (359) |
▲ 4.2% |
48 (49) |
▼ 2.0% |
| Lots Sold |
312 (311) |
▲ 0.3% |
272 (275) |
▼ 1.1% |
40 (36) |
▲ 11.1% |
| Percent Sold |
73.9% (76.2%) |
▼ 3.0% |
72.7% (76.6%) |
▼ 5.1% |
83.3% (73.5%) |
▲ 13.3% |
| Total Raised |
£54.9M (£50.2M) |
▲ 9.4% |
£43.8M (£42.2M) |
▲ 3.6% |
£11.1M (£8.0M) |
▲ 40.0% |
 East Midlands
(Includes Derbyshire, Leicestershire, Lincolnshire, Northamptonshire, Nottinghamshire, Rutland)
| January 2024 to March 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
718 (633) |
▲ 13.4% |
620 (559) |
▲ 10.9% |
98 (74) |
▲ 32.4% |
| Lots Sold |
541 (469) |
▲ 15.4% |
464 (413) |
▲ 12.3% |
77 (56) |
▲ 37.5% |
| Percent Sold |
75.3% (74.1%) |
▲ 1.6% |
74.8% (73.9%) |
▲ 1.2% |
78.6% (75.7%) |
▲ 3.8% |
| Total Raised |
£109.6M (£81.4M) |
▲ 34.7% |
£73.4M (£65.7M) |
▲ 11.7% |
£36.2M (£15.7M) |
▲ 131.1% |
 London
| January 2024 to March 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
688 (656) |
▲ 4.9% |
625 (581) |
▲ 7.6% |
63 (75) |
▼ 16.0% |
| Lots Sold |
515 (492) |
▲ 4.7% |
471 (434) |
▲ 8.5% |
44 (58) |
▼ 24.1% |
| Percent Sold |
74.9% (75.0%) |
▼ 0.1% |
75.4% (74.7%) |
▲ 0.9% |
69.8% (77.3%) |
▼ 9.7% |
| Total Raised |
£246.6M (£219.0M) |
▲ 12.6% |
£206.3M (£173.8M) |
▲ 18.7% |
£40.4M (£45.2M) |
▼ 10.7% |
 North-East
(Includes Cleveland, County Durham, Northumberland, Tyne and Wear)
| January 2024 to March 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
835 (546) |
▲ 52.9% |
787 (506) |
▲ 55.5% |
48 (40) |
▲ 20.0% |
| Lots Sold |
680 (409) |
▲ 66.3% |
648 (374) |
▲ 73.3% |
32 (35) |
▼ 8.6% |
| Percent Sold |
81.4% (74.9%) |
▲ 8.7% |
82.3% (73.9%) |
▲ 11.4% |
66.7% (87.5%) |
▼ 23.8% |
| Total Raised |
£45.3M (£32.5M) |
▲ 39.1% |
£36.4M (£24.0M) |
▲ 51.2% |
£8.9M (£8.5M) |
▲ 4.9% |
 North-West
(Includes Cheshire, Cumbria, Isle of Man, Lancashire, Merseyside)
| January 2024 to March 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
1,302 (1,332) |
▼ 2.3% |
1,178 (1,169) |
▲ 0.8% |
124 (163) |
▼ 23.9% |
| Lots Sold |
937 (913) |
▲ 2.6% |
850 (799) |
▲ 6.4% |
87 (114) |
▼ 23.7% |
| Percent Sold |
72.0% (68.5%) |
▲ 5.1% |
72.2% (68.3%) |
▲ 5.7% |
70.2% (69.9%) |
▲ 0.4% |
| Total Raised |
£112.5M (£110.6M) |
▲ 1.7% |
£96.7M (£86.7M) |
▲ 11.5% |
£15.8M (£23.9M) |
▼ 33.8% |
 North-West Home Counties
(Includes Bedfordshire, Berkshire, Buckinghamshire, Hertfordshire, Middlesex, Oxfordshire)
| January 2024 to March 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
555 (541) |
▲ 2.6% |
502 (488) |
▲ 2.9% |
53 (53) |
▼ 0.0% |
| Lots Sold |
427 (394) |
▲ 8.4% |
386 (352) |
▲ 9.7% |
41 (42) |
▼ 2.4% |
| Percent Sold |
76.9% (72.8%) |
▲ 5.6% |
76.9% (72.1%) |
▲ 6.7% |
77.4% (79.2%) |
▼ 2.3% |
| Total Raised |
£123.2M (£104.3M) |
▲ 18.1% |
£101.3M (£79.5M) |
▲ 27.3% |
£21.9M (£24.8M) |
▼ 11.6% |
 Northern Ireland
| January 2024 to March 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
39 (55) |
▼ 29.1% |
37 (41) |
▼ 9.8% |
2 (14) |
▼ 85.7% |
| Lots Sold |
19 (24) |
▼ 20.8% |
18 (19) |
▼ 5.3% |
1 (5) |
▼ 80.0% |
| Percent Sold |
48.7% (43.6%) |
▲ 11.7% |
48.6% (46.3%) |
▲ 5.0% |
50.0% (35.7%) |
▲ 40.1% |
| Total Raised |
£2.4M (£2.6M) |
▼ 8.8% |
£2.1M (£2.2M) |
▼ 8.0% |
£0.3M (£0.4M) |
▼ 13.3% |
 Scotland
| January 2024 to March 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
308 (301) |
▲ 2.3% |
220 (205) |
▲ 7.3% |
88 (96) |
▼ 8.3% |
| Lots Sold |
84 (160) |
▼ 47.5% |
61 (109) |
▼ 44.0% |
23 (51) |
▼ 54.9% |
| Percent Sold |
27.3% (53.2%) |
▼ 48.7% |
27.7% (53.2%) |
▼ 47.9% |
26.1% (53.1%) |
▼ 50.8% |
| Total Raised |
£16.6M (£21.1M) |
▼ 21.7% |
£6.3M (£10.1M) |
▼ 37.6% |
£10.3M (£11.1M) |
▼ 7.2% |
 South-East Home Counties
(Includes Channel Islands, East Sussex, Essex, Hampshire, Isle of Wight, Kent, Surrey, West Sussex)
| January 2024 to March 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
1,379 (1,253) |
▲ 10.1% |
1,249 (1,101) |
▲ 13.4% |
130 (152) |
▼ 14.5% |
| Lots Sold |
1,005 (871) |
▲ 15.4% |
899 (764) |
▲ 17.7% |
106 (107) |
▼ 0.9% |
| Percent Sold |
72.9% (69.5%) |
▲ 4.9% |
72.0% (69.4%) |
▲ 3.7% |
81.5% (70.4%) |
▲ 15.8% |
| Total Raised |
£234.8M (£223.9M) |
▲ 4.9% |
£184.6M (£165.8M) |
▲ 11.3% |
£50.2M (£58.0M) |
▼ 13.5% |
 South-West
(Includes Avon, Cornwall, Devon, Dorset, Gloucestershire, Isles of Scilly, Somerset, Wiltshire)
| January 2024 to March 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
696 (641) |
▲ 8.6% |
615 (570) |
▲ 7.9% |
81 (71) |
▲ 14.1% |
| Lots Sold |
503 (469) |
▲ 7.2% |
441 (419) |
▲ 5.3% |
62 (50) |
▲ 24.0% |
| Percent Sold |
72.3% (73.2%) |
▼ 1.2% |
71.7% (73.5%) |
▼ 2.4% |
76.5% (70.4%) |
▲ 8.7% |
| Total Raised |
£96.2M (£90.2M) |
▲ 6.6% |
£71.6M (£72.8M) |
▼ 1.6% |
£24.6M (£17.5M) |
▲ 40.6% |
 Wales
| January 2024 to March 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
471 (415) |
▲ 13.5% |
404 (366) |
▲ 10.4% |
67 (49) |
▲ 36.7% |
| Lots Sold |
312 (281) |
▲ 11.0% |
263 (250) |
▲ 5.2% |
49 (31) |
▲ 58.1% |
| Percent Sold |
66.2% (67.7%) |
▼ 2.2% |
65.1% (68.3%) |
▼ 4.7% |
73.1% (63.3%) |
▲ 15.5% |
| Total Raised |
£36.6M (£32.5M) |
▲ 12.6% |
£29.5M (£26.8M) |
▲ 10.1% |
£7.1M (£5.7M) |
▲ 24.3% |
 West Midlands
(Includes Herefordshire, Shropshire, Staffordshire, Warwickshire, West Midlands, Worcestershire)
| January 2024 to March 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
909 (883) |
▲ 2.9% |
796 (795) |
▲ 0.1% |
113 (88) |
▲ 28.4% |
| Lots Sold |
712 (702) |
▲ 1.4% |
633 (638) |
▼ 0.8% |
79 (64) |
▲ 23.4% |
| Percent Sold |
78.3% (79.5%) |
▼ 1.5% |
79.5% (80.3%) |
▼ 1.0% |
69.9% (72.7%) |
▼ 3.9% |
| Total Raised |
£112.0M (£101.2M) |
▲ 10.6% |
£88.6M (£83.7M) |
▲ 5.9% |
£23.4M (£17.5M) |
▲ 33.2% |
 Yorkshire and The Humber
(Includes North Humberside, North Yorkshire, South Humberside, South Yorkshire, West Yorkshire)
| January 2024 to March 2024 |
Total |
Residential |
Commercial |
| Lots Offered |
779 (758) |
▲ 2.8% |
694 (674) |
▲ 3.0% |
85 (84) |
▲ 1.2% |
| Lots Sold |
585 (557) |
▲ 5.0% |
520 (492) |
▲ 5.7% |
65 (65) |
▼ 0.0% |
| Percent Sold |
75.1% (73.5%) |
▲ 2.2% |
74.9% (73.0%) |
▲ 2.6% |
76.5% (77.4%) |
▼ 1.2% |
| Total Raised |
£66.8M (£62.3M) |
▲ 7.1% |
£50.1M (£48.6M) |
▲ 3.1% |
£16.7M (£13.8M) |
▲ 21.3% |
Disclaimer: The figures in this newsletter are based on sales data provided to us by the auctioneers.
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